Have question about buying a truck. Starting landscaping business in spring 2008. Have a loan out for business. If i have the money to buy a truck out right, should I, or should I lease a truck. Any pros and cons on leasing?

AI Inc

01-07-2008, 01:51 PM

The way I see leasing is paying a real lot of $ to borrow someones truck.

Capemay Eagle

01-07-2008, 03:11 PM

Do not lease a truck for work. For one thing, you will have to pay for damage and you will have to worry about milage. Just do yourself a favor and own it out right..

bigw

01-07-2008, 03:23 PM

Ill give you the same answer i just gave someone else.. i was in auto sales for years,first of all leasing is not much different then financing right now with payments being around the same,if you lease you better not bring it back all beat up or you will pay! normal wear and tear is ok but being in this type of business i dont think your normal wear and tear and their normal wear and tear will be the same.Not only that but leasing any auto is like rolling down your window and throwing your money out of it,If you are going to buy a new car every 2-3 years then maybe consider leasing but for real even then i wouldnt do it.Ive seen way too many issues with leasing! Now a days with rebates and low financing it dont pay to lease,your buy out at the end of a lease is never worth it,the truck will be worth half of what the buy out is.I may not be an expert on lawn care "yet" but i am an expert at auto sales do's and dont's and im telling you dont lease it! Dont fall for all the scams on leasing,you know the low payments and only pay for what you use...bull SH....IT !!! You will regret it!!

tnmtn

01-07-2008, 03:45 PM

what about the leases that have a $1.00 buy out claus at the end of the lease? i thought of these as the same as purchasing exept there may be some diffrent tax advantages. basically it is a purchase but the paperwork is written as a lease. i agree that a lease where the plan is to return the truck after a couple years might not be the way to go.
good luck,

bigw

01-07-2008, 03:51 PM

what about the leases that have a $1.00 buy out claus at the end of the lease? i thought of these as the same as purchasing exept there may be some diffrent tax advantages. basically it is a purchase but the paperwork is written as a lease. i agree that a lease where the plan is to return the truck after a couple years might not be the way to go.
good luck,

Well that is actually called a smartbuy or a balloon payment which really aint very smart either,you will have to put a significant down and a much higher payment in order to pay it off with one dollor at the end of a 3 year lease...look their is no if's or but's on this question,you are in the service field and your truck will get beat....do not lease your Truck period. Like the old saying goes.."if your aunt had ball's,she'd be your uncle" get it!

tnmtn

01-07-2008, 08:02 PM

i have been shopping for finance lately and looked at the lease. probably won't go that way. the big down payment i was asked for was the first and last months payment. for anyone that needs to worry about bonding leasing doesn't show up on your credit as i understand so that makes your debt seem lower which helps when seeking bonding for commercial work. i personally don't like the idea of a lease but for some there are benifits. if not so manny large companies woulldn't be leasing. i think it comes down to whether the benifits apply to your bussiness.
good luck,

bigw

01-07-2008, 08:08 PM

i have been shopping for finance lately and looked at the lease. probably won't go that way. the big down payment i was asked for was the first and last months payment. for anyone that needs to worry about bonding leasing doesn't show up on your credit as i understand so that makes your debt seem lower which helps when seeking bonding for commercial work. i personally don't like the idea of a lease but for some there are benifits. if not so manny large companies woulldn't be leasing. i think it comes down to whether the benifits apply to your bussiness.
good luck,

HOW WRONG YOU ARE,LEASING IS EVEN MORE OF A CREDIT RISK..YOU DONT OWN THE CAR PERIOD AND HAVE NO PLANS ON OWNING IT...TRUST ME A LEASE CAR IS "ALWAYS'' ON YOUR CREDIT REPORT...DONT TRUST ANYONE THAT TELLS YOU DIFFERENT. Well sure big companys can afford to lease they have big maintaince shops and big money.just dont do it!

casco73

01-07-2008, 08:17 PM

i have been shopping for finance lately and looked at the lease. probably won't go that way. the big down payment i was asked for was the first and last months payment. for anyone that needs to worry about bonding leasing doesn't show up on your credit as i understand so that makes your debt seem lower which helps when seeking bonding for commercial work. i personally don't like the idea of a lease but for some there are benifits. if not so manny large companies woulldn't be leasing. i think it comes down to whether the benifits apply to your bussiness.
good luck,

I lease a 2006 caravan for my wife and its the worst thing I signed on to I should have bought a really nice used one with a simply loan. there is literally a lease book of does and don'ts and when I return this its going to cost me.
As for credit its just like a loan I was late twice within two years and I'm talking like a week and they reported it to my credit file and I don't have bad credit but because of them its screwed up now. Take my advice DO NOT PURCHASE A LEASE you will regret it if one thing goes wrong

Marek

01-07-2008, 08:23 PM

I have leased trucks in the mid 90s from Ford and have no regrets.It also didnt show on my credit reports anywhere.Maybe things have changed. They are not for everyone but for me at that time it was fine. I have since only purchased.